S&P puts Australia's credit rating on negative watch

[Caput Lupinum]

Standard & Poor's has lowered Australia's credit rating outlook from stable to negative, in a warning that the AAA rating is under imminent threat.

It is the first of the big ratings agencies to take any adverse action on Australia's credit rating, despite warnings from all three around budget time that more action was needed to close the Federal Government's budget deficit.

The move leaves Australia's AAA credit rating intact but is a formal warning from S&P that it could be cut if the nation's budget position does not improve.

http://www.abc.net.au/news/2016-07-07/australian-credit-rating-put-on-negative-watch/7576714

If you listen carefully you can pinpoint the second The End starts fapping over this news

 

[SpacePete]

Thanks to the Coalition's brilliant economic mismanagement and unfettered spending.

 

[Shaddam IV]

Thanks to the Coalition's brilliant economic mismanagement and unfettered spending.

You really have a short memory. And can I also add that the team that emptied the treasury in the first place are actually promising to spend and borrow more than even the coalition if they win?

As bad as Turnbull is all of the ratings agencies will look at a Labor victory far less favourably than a coalition win.

 

[SpacePete]

Thanks to the Coalition's brilliant economic mismanagement and unfettered spending.

You really have a short memory. And can I also add that the team that emptied the treasury in the first place are actually promising to spend and borrow more than even the coalition if they win?

As bad as Turnbull is all of the ratings agencies will look at a Labor victory far less favourably than a coalition win.

The buck stops with those in government. They promised to act but didn't. They kept on borrowing and spending like drunken sailors.

Have the Libs been in government for the last few years or not? Who was it who announced they'd "own the budget from day one"? Should they not be held accountable for their actions subsequent to taking office?

 

[BuggedOut]

They all suck and as much as I do hate Labor policies the buck has to stop with the Libs on this one. To re-quote the OP :-

...warnings from all three around budget time that more action was needed to close the Federal Government's budget deficit

In other words, it is a failure of THIS government to take more action to close the gap.

 

[Skyrocket]

Will any nation have a AAA credit rating in the next year or two after coming GFC?

 

[Shaddam IV]

Thanks to the Coalition's brilliant economic mismanagement and unfettered spending.

You really have a short memory. And can I also add that the team that emptied the treasury in the first place are actually promising to spend and borrow more than even the coalition if they win?

As bad as Turnbull is all of the ratings agencies will look at a Labor victory far less favourably than a coalition win.

The buck stops with those in government. They promised to act but didn't. They kept on borrowing and spending like drunken sailors.

Have the Libs been in government for the last few years or not? Who was it who announced they'd "own the budget from day one"? Should they not be held accountable for their actions subsequent to taking office?

People who choose to ignore history....

 

[Caput Lupinum]

The senate looks more like a freak show than it did before the election so whoever wins the lower house is going to have an even harder time passing any meaningful economic reform legislation. Australia's AAA rating is toast within 18 months

 

[SpacePete]

You really have a short memory. And can I also add that the team that emptied the treasury in the first place are actually promising to spend and borrow more than even the coalition if they win?

As bad as Turnbull is all of the ratings agencies will look at a Labor victory far less favourably than a coalition win.

The buck stops with those in government. They promised to act but didn't. They kept on borrowing and spending like drunken sailors.

Have the Libs been in government for the last few years or not? Who was it who announced they'd "own the budget from day one"? Should they not be held accountable for their actions subsequent to taking office?

People who choose to ignore history....

So you'll admit the Libs have been in power over the last few years?

 

[JulieW]

These are the same Rating Agencies that marked Sub-Prime loans AAA?

 

[Davros10]

These are the same Rating Agencies that marked Sub-Prime loans AAA?

Nothing to worry about. Our economy is officially as solid as a 2007 sub prime package.

 

[mmm....shiney!]

So you'll admit the Libs have been in power over the last few years?

Labor are equally to blame with their scare campaign about That Budget, which in reality was only marginally better than what Swan was going to inflict on the economy. Downgrades were always going to happen, neither side has the balls to make the decisions required and the community clearly shares that feeling otherwise the Mediscare campaign wouldn't have been so effective.

We're fucked because we have a society of entitled peasants.

 

[SpacePete]

So you'll admit the Libs have been in power over the last few years?

Labor are equally to blame with their scare campaign about That Budget, which in reality was only marginally better than what Swan was going to inflict on the economy. Downgrades were always going to happen, neither side has the balls to make the decisions required and the community clearly shares that feeling otherwise the Mediscare campaign wouldn't have been so effective.

We're turtled because we have a society of entitled peasants.

Rewarding entitlement and scare campaigns. That basically sums it up.

 

[Jim4silver]

I am curious but I don't understand the various political groups in Oz. Which group there would be similar to democrats, republicans, libertarians, constitutionalist, tea party, etc, here in the US?

I always hear the term labor party from UK I assume they are like liberal democrats here in the US?

Jim

 

[errol43]

Will any nation have a AAA credit rating in the next year or two after coming GFC?

12 nations now have a triple AAAA..Who cares really! Not one of the ratings agencies predicted the last GFC, Why would it be any different next time

Regards Errol 43

 

[raven]

I am curious but I don't understand the various political groups in Oz. Which group there would be similar to democrats, republicans, libertarians, constitutionalist, tea party, etc, here in the US?

I always hear the term labor party from UK I assume they are like liberal democrats here in the US?

Jim

we now have a so called "conservative party", which basically runs up debt, by just printing up more local currency, like any other slave driven society.
however, here, every time a zero is added to the equation on the left, one is also added on the right.
e.g. wages grow with inflation.
then, rents go up, prices rise, people winge and complain, Carlton football club gets done again, daylight gets longer, bbq's get cheaper, meat goes up !

no big deal really !


note: most politicians here are average lawyers, current and two previous anyway.

p.s. not counting rudd the dudd, he was just a run of the mill fcuk wit !